Latest news
Latest news
Spread on triple-A rated notes 4bp wide of recent tights
Deal will bring fourth major multilateral development bank to the market
Spread on triple-A rated notes falls by 15bp compared with previous deal
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Risk retention rules spelt out last week by Japan’s Financial Services Agency have become a key regulatory concern for CLO managers that sell triple-A debt to Japanese banks, although a consensus is building among US players that exemptions for open market CLOs will be approved by regulators. -
Carlyle Group and BNPP are marketing a two-year non-conforming Euro CLO, at a time when CLO arbitrage is its worst level since 2013.
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Signs of renewed confidence in the US CLO market are showing this week, with GoldenTree Asset Management bumping up the size of its first deal since April by $200m.
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End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.
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Barclays is on the road this week with a CLO that it is looking to sell this quarter for Credit Suisse Asset Management.
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Greenwich, Connecticut based Wellfleet Credit Partners, the performing credit business of Littlejohn & Co, has promoted Dennis Talley and Scott McKay to managing director with a focus on CLOs.
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A handful of prime UK RMBS deals are rumoured to be in the pipeline, along with several prime euro transactions, with issuers said to be targeting US investors while they wait for the fog to clear around new ‘simple, transparent, standardised’ (STS) rules.
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Large Japanese buyers of US triple-A CLO debt are set to move their bids for the bonds wider as managers line up the first US deals of 2019, said sources this week.
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Moody’s is looking at amending its rating approach for multilateral development banks and supranationals in the wake of last year’s groundbreaking African Development Bank ‘Room2Run’ risk transfer deal, proposing explicit ratings credit for ‘credit protection features’ for the first time.
